Manufacturers Want Book Minimum Tax Safe Harbor Made Permanent

The US’s largest manufacturing lobby called on the IRS to make permanent a safe harbor test included in its initial guidance about the new corporate alternative minimum tax, which helps companies determine if they fall within the scope of the levy.

In a comment letter addressed to both the Treasury and IRS written late last month, the National Association of Manufacturers recommended the safe harbor be made permanent. The group said “at a minimum” the safe harbor should be extended to the 2026 tax year because the law will cease to take into account the income generated in the years ...